Future of the Chemicals Industry in Africa
Africa is seen as a rapidly growing market for products globally. Some high growth markets in sub-Saharan Africa (SSA) include Tanzania and Uganda, and depending on the rate of change in oil price and diversification from an oil-based economy, Nigeria and Angola. With the fall in oil price in 2014, Nigeria and Angola are expected to experience higher inflation in 2015.
Where independent markets are not necessarily attractive, trade zones make regions attractive. A particularly well-developed and attractive trade region is that of the East African Community, which aims to enhance regional integration by increasing trade, competitiveness, investment, and value-added production. Trade is enhanced by:
Implementing the Customs Union Protocol to enhance intra-regional trade liberalisation and investment; and promote industrial diversification, economic development, and production efficiencies
Facilitating trade by harmonising, standardising, and simplifying trade documentation and information
Instituting anti-dumping measures and competition policy and law to enable free trade
Allowing the re-export of goods without imposing export or import duties
Removing and not introducing non-tariff barriers as they inhibit trade
Understanding that standards and quality measures protect consumers and promote trade and investments.
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